Do you know that you can actually withdraw money from ATMs across Nigeria without having a Debit Card, Credit Card or Prepaid Card? it is known as Cardless Withdrawal. Did i just hear you say its impossible, well stick around for a little while to understand how it works.
After reading this article you won’t have to wait for weeks to get your Debit Card, Credit or Prepaid Card before you make withdrawals using the ATM. Banks around the globe are evolving and Nigeria Banks are following suite.
With the Cardless Withdrawal policy, Nigerians can now withdraw money from designated ATMs across the country. It’s safe, easy to use and most importantly it is legal. Now enough talk already let’s get to know how you this works.
What Is Cardless Withdrawal
Simply put, Cardless Withdrawals is a new technique introduced by Nigerian Banks where customers can Withdraw money without having Debit, Credit or Prepaid Cards. It means that you don’t need any form of card before you visit the ATM and make withdrawals.
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How To Withdraw Money Without Debit, Credit Or Prepaid Cards(Guide With Pictures)
You won’t believe how easy it is for you to actually withdraw money without any form of cards. Below are the steps for Cardless Withdrawals
Steps for Cardless withdrawal using Mobile banking application;
1. Upgrade to the latest Banking App of your Bank(for example, if you are using Access Bank Mobile App upgrade to the latest version of the App)
2. Go to the mobile application menu page(Usually three line at the top right or top left of the App.
3. Select Cardless withdrawal option from the Menu(See picture below)
4. Input amount(Amount you wish to withdraw when you get to the ATM). See picture below.
5. Set up your onetime 4 digit cash out PIN (please note that it can be any 4 digits created by you). See picture below(Please write down your Onetime 4 Digit Cash out PIN, it will serve as your Cardless Withdrawal PIN when you get to the ATM).
7. Input your Mobile Banking PIN(The one you have been using when making normal transactions with your Mobile Banking App). See picture below
7. Click on Generate Paycode button(Write down the Generated Paycode, it will serve as your Cardless Withdrawal access PIN when you get to the ATM). See picture above
How To Cash Out Your Money From The ATM
This might seem like the hard part but it is actually the easy part. All you have to do is make sure the Onetime 4 digit and Paycode are correct and you should be done even before you know it
To Cashout, visit any UBA ATM or Cardless enabled ATM and follow the steps below;
1. Press the Enter button of the ATM
2. Select Cardless Withdrawal from the options
3. Enter Paycode(The one Generated from the step 6 above)
4. Enter Amount(The amount you specified instep 4 above)
5. Enter you Onetime Cashout PI(The PIN you generated from Step 5 above)
Kindly note the following please;
• The ATM cardless withdrawal must be in multiples of N1,000 with a maximum of N20,000
• Generated Paycode can only be used once
• Paycode, amount and one time PIN must be correct before cash will be dispensed at the ATM
• Convenience fee of N100 applies per Cashout transactions.
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What Are The Benefits Of Cardless Withdrawals
There are some few benefits of using Cardless Withdrawals
- Never get stranded when you need money.
- You don’t need Debit, Credit or Prepaid Card to completely make withdrawals.
- Its a safer way of withdrawal when compared with card withdrawals as you are the only one that have Access to your Mobile Banking App, Onetime 4 Digit Code and Paycode.
- Works on any Cardless ATM across the country.
- A good alternative when you forgot your Card at home or it got lost.
- Easy to use and relatively fast if above procedures are followed carefully.
Some Demerits Of Cardless Withdrawals
As good and interesting as it sounds, Cardless Withdrawals is not all smooth ride. It also have its downside, lets see some.
- Relatively high charge rate(N100 for each withdrawals).
- Only support withdrawals in multiples of N1,000. It means that you can’t withdrawal N500 using Cardless Withdrawals.
- Not currently supported by all ATMs unlike card withdrawals.
- You still have to stand in queues before you can withdrawal.
- If someone have access to your Mobile Banking App, the person can easily impersonate you(that is create a Onetime 4 digit PIN and Generate a Paycode on your behalf).
- Bank have little or no control over the transactions you make as they can’t block transactions the way Cards are easily blocked(you Bank Account will have to be temporarily disabled).
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Quick Note: All procedures outlined in this article is related to UBA Bank users. But same rule applies for all Banks across the country. you can first confirm if your Bank App supports this feature and explore.
Cardless Withdrawal might just be the next generation means of withdrawing money. Mntrends believe with time this mode of withdrawal will be upgraded and become more user friendly. Have you tried this mode of Withdrawal? tell us your experience using the comment section below. You can read about Loan options from UBA Bank, Access Bank, FirstBank, GTBank and Zenith Bank also from our website.
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